RenaissanceRe (NYSE:RNR) Given New $335.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target on RenaissanceRe to $335 (from $333) while keeping a "neutral" rating, implying about an 11.44% upside from the current share price.
• RenaissanceRe reported a strong earnings beat with $13.75 EPS vs. $11.07 expected but missed on revenue ($2.19B vs. $2.84B), and the stock traded down to about $300.61 (‑2.1%).
• Analyst consensus is a Hold (average target $321.93) with 4 Buys, 12 Holds and 1 Sell, and the company has a market cap near $13 billion and a low P/E of about 5.0.

RenaissanceRe (NYSE:RNR - Get Free Report) had its target price raised by stock analysts at Citigroup from $333.00 to $335.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the insurance provider's stock. Citigroup's price target suggests a potential upside of 11.44% from the stock's current price.

RNR has been the topic of a number of other reports. Evercore set a $309.00 price target on shares of RenaissanceRe in a research report on Thursday, April 9th. Zacks Research cut shares of RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of RenaissanceRe in a research report on Friday, March 27th. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an "equal weight" rating in a research report on Thursday. Finally, Wall Street Zen raised shares of RenaissanceRe from a "hold" rating to a "buy" rating in a research report on Saturday, February 14th. Four analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $321.93.

RenaissanceRe Trading Down 2.1%

RNR stock traded down $6.36 during midday trading on Friday, reaching $300.61. 273,672 shares of the company's stock traded hands, compared to its average volume of 363,404. The company has a market capitalization of $12.97 billion, a P/E ratio of 5.00, a PEG ratio of 0.72 and a beta of 0.24. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.43. RenaissanceRe has a fifty-two week low of $231.17 and a fifty-two week high of $318.20. The business has a 50-day moving average price of $301.47 and a two-hundred day moving average price of $281.90.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating analysts' consensus estimates of $11.07 by $2.68. The firm had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.84 billion. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. RenaissanceRe's revenue was down 36.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.49) earnings per share. Equities research analysts forecast that RenaissanceRe will post 37.85 EPS for the current fiscal year.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares of the company's stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.30% of the company's stock.

Institutional Trading of RenaissanceRe

A number of hedge funds and other institutional investors have recently made changes to their positions in RNR. Financial Consulate Inc. bought a new stake in shares of RenaissanceRe in the third quarter worth $29,000. Farther Finance Advisors LLC grew its stake in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Quarry LP grew its stake in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after purchasing an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new position in RenaissanceRe in the third quarter worth about $36,000. Institutional investors own 99.97% of the company's stock.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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